24-05-2024 09:24 AM | Source: Monarch Networth Capital Ltd
Benchmark index is likely to trade volatile today. Index has support at 22800 - 22750 level and resistance at 23150 - 23200 level - Monarch Networth Capital Ltd

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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias yesterday as it closed with 1.64% gain at 22968 level. Banking index outperformed the benchmark index as it closed with 2.06% gain at 48769 level.

* India VIX closed with 0.41% cut at 21.38 level.

* Among Sectors NIFTYAUTO index performed better than the benchmark index as it closed with 2.25% gain while NIFTYPHARMA index underperformed as it closed with 0.52% cut.

* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.48% and 0.19% gains respectively

* Advance/Decline ratio was in favour of advances and cash turnover was higher than 5-day average. Both FII and DII were net buyers in the cash segment.

* European markets (DAX) closed flat while US markets (DJIA) closed lower yesterday. Asian Markets are largely trading lower today.

Intraday Market Outlook

* Benchmark index is likely to trade volatile today. Index has support at 22800 - 22750 level and resistance at 23150 - 23200 level.

* Banking index is likely to trade in line with the benchmark index today with support at 48300 -48000 level and resistance at 49100 - 49300 level.

* HINDUNILVR closed with positive candlestick pattern and it is likely to trade with positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

 

 

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